Financial Performance - The company's total revenue for the year ended December 31, 2024, was HKD 131,289,000, a decrease of 10.2% compared to HKD 146,147,000 in 2023[3] - The net loss for the year was HKD 38,978,000, improving from a net loss of HKD 51,612,000 in the previous year, representing a reduction of 24.5%[4] - The company's basic and diluted loss per share was HKD 0.03, compared to HKD 0.04 in 2023, indicating a 25% improvement[3] - Total comprehensive loss for the year was HKD 33,154,000, a decrease from HKD 48,096,000 in 2023, reflecting a 30.9% improvement[4] - The company reported a loss before tax of HKD 38,976,000 for 2024, compared to a loss of HKD 51,598,000 in 2023, indicating an improvement in financial performance[22] - The group recorded a net loss from the sale of properties, plant, and equipment amounting to HKD 30,593,000 in 2024, compared to a loss of HKD 223,000 in 2023, highlighting challenges in asset disposals[34] - The group recorded a net realized loss of approximately HKD 300,000 from securities trading in fiscal year 2024, compared to a loss of approximately HKD 100,000 in fiscal year 2023[75] Assets and Liabilities - Non-current assets decreased significantly from HKD 419,213,000 in 2023 to HKD 266,636,000 in 2024, a decline of 36.3%[5] - Current liabilities decreased from HKD 253,134,000 in 2023 to HKD 81,536,000 in 2024, a reduction of 67.8%[6] - The company's cash and bank balances dropped from HKD 92,694,000 in 2023 to HKD 10,947,000 in 2024, a decrease of 88.2%[5] - The total equity attributable to the company's equity holders decreased from HKD 81,125,000 in 2023 to HKD 46,590,000 in 2024, a decline of 42.5%[6] - The company's total assets as of December 31, 2024, amounted to HKD 343,942,000, compared to HKD 592,616,000 in 2023, showing a significant reduction in asset base[22] - The group has a net current liability of HKD 4,230,000 as of December 31, 2024[9] - The group’s debt ratio was approximately 195% as of December 31, 2024, down from 304% as of December 31, 2023[78] - The group had a current ratio of approximately 0.95 as of December 31, 2024, an improvement from 0.69 as of December 31, 2023[78] Income and Expenses - The company reported an increase in other income and gains to HKD 50,089,000 in 2024, up from HKD 18,745,000 in 2023, representing a growth of 167.5%[3] - The company incurred financial costs of HKD 21,490,000 in 2024, a decrease from HKD 24,831,000 in 2023, which suggests improved cost management[22] - Sales and distribution expenses for fiscal year 2024 were approximately HKD 66.7 million, a decrease of about HKD 2.4 million or 3.5% compared to fiscal year 2023[69] - General and administrative expenses for fiscal year 2024 were approximately HKD 50 million, an increase of about HKD 1.8 million compared to fiscal year 2023[70] - Financial costs decreased to approximately HKD 23,100,000 in fiscal year 2024, down by HKD 3,800,000 or 14.1% from HKD 26,900,000 in fiscal year 2023[72] Operational Focus and Strategy - The company plans to continue focusing on its core businesses, including department store operations and securities trading, while exploring potential market expansion opportunities[7] - Management is implementing measures to improve profitability and cash flow, including revising marketing strategies and controlling capital expenditures[9] - The management is optimistic about the group's future prospects, despite challenges in the retail market and increasing consumer preference for online shopping[76][77] Legal Matters - Win Dynamic, the company's former controlling shareholder, is involved in a legal dispute regarding a conditional cash offer to acquire all issued shares, with expected payments of approximately HKD 260,443,000[49] - The company is pursuing legal action against Win Dynamic to enforce a deed related to the cash offer, claiming the deed is valid and binding[53] - The High Court has issued a temporary injunction preventing Win Dynamic from disposing of assets in Hong Kong related to the cash offer[52] - The independent board committee is reviewing the implications of Win Dynamic's claim of deed cancellation[50] - The company and Win Dynamic have filed counterclaims in the ongoing legal proceedings, asserting the enforceability of the deed[54] Employment and Staff - The group employed 199 staff members as of December 31, 2024, an increase from 178 staff members as of December 31, 2023[81] Dividends and Shareholder Matters - The company did not declare any dividends for the years ended December 31, 2024, and 2023[37] - The company did not recommend the payment of a dividend for the fiscal year 2024[90] - The annual general meeting is scheduled for June 6, 2025[91] - The company will suspend the transfer of shares from June 3, 2025, to June 6, 2025, to determine voting rights at the annual general meeting[92] Reporting and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on financial performance[13] - The final results and the 2024 annual report will be published on the Hong Kong Stock Exchange and the company's website[93] - The audit committee consists of three independent non-executive directors[89]
先施(00244) - 2024 - 年度业绩